Drunk driving and distracted driving are the main causes of car crashes in New Mexico. It's estimated that in every 12 minutes, an auto accident in New Mexico occurs. The chances of getting into a car crash are high in New Mexico, especially if you drive a commercial pickup truck used for hot shot trucking.
Read on to learn what commercial auto insurance is, incidents and the beneficial add-ons you can purchase. And if you are wondering what's the best NM commercial auto insurance company, then worry not as we got you covered.
This business insurance policy is designed to protect your business from any financial constraint in case your commercial car gets hit or hits another vehicle, object, or person. This policy doesn't compensate you for the damage or loss of your items. It also doesn't cover leased or rented vehicles. Vehicles covered under NM commercial auto insurance policies include taxis, rickshaws, tempos, lorries, forklifts, and vehicles used for construction.
Data collected, analyzed, and published by the New Mexico Department of Transportation have shown that there have been a total of 118 auto-related fatalities from January to April in 2023. Out of this total, 19 fatalities were caused by drunk driving and the rest were not. As of today, only 6 pedestrians have sustained fatal injuries.
Most crashes occur in December and on Fridays between 12:00 PM and 6:00 PM. Therefore, as the year progresses the number of recorded fatalities is likely to increase in number. A 2015 NMDOT showed that drivers of ages 19-29 caused more crashes than any other age group. Santa Fe, Albuquerque, Las Cruces, Farmington, and Rio Rancho are the five places in New Mexico where the most car accidents happen each year.
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You must carry $25,000 per person for bodily injury, $50,000 per accident, and $10,000 per accident for property damage. Failure to achieve these conditions will prevent commercial vehicle registration. Driving without insurance can lead to fines, penalties, and legal issues. Ensure compliance and protect yourself by obtaining the necessary coverage for your commercial vehicle.
Commercial auto insurance is made up of the following coverages:
This component exempts you from any financial responsibilities you may be liable for if your commercial vehicle causes third-party bodily injuries and property damage. Under this coverage, your insurer also pays your legal expenses and settlement fee if a third party sues you for bodily injuries or property damages.
If you get into an accident with an uninsured or an underinsured motorist, your insurer will cover your and your passengers' medical and injury-related expenses. Some of the other costs covered under this policy include; lost wages and funeral expenses. Your insurer will also cover the cost of repairing your damaged commercial vehicle under this coverage/component.
This component provides you with coverage against collision incidents and events. For example, if your commercial vehicle gets dented upon collision with an object or another vehicle, your insurer will cover the repair costs under this coverage.
Under this component, your insurer will cater to the cost of repairing your damaged vehicle resulting from non-collision incidents or events. Such incidents/events include damage by fire, theft, vandalism, and falling objects. Some weather-related incidents and natural calamities, such as floods, lightning, and landslides, are also covered under this component.
It’s sometimes referred to as MedPay. Suppose you and anyone else (including your employees and family members) traveling in your commercial vehicle sustain bodily injuries. In that case, your insurer will cater to all your medical expenses by using this coverage. Your medical bills will be catered for regardless of who is at fault.
Here are some add-ons you can include to your policy:
Accident forgiveness insurance–This add-on ensures your premium rate remains constant after your first accident. You only qualify to apply for this add-on if you have been accident-free for the last 5 years
Gap insurance–Also called loan/lease gap coverage–This add-on helps you pay off your commercial vehicle loan if your car is stolen and you owe more than your car’s depreciated value
24/7 Roadside assistance insurance–This add-on provides 24/7 emergency services if your commercial vehicle breaks down while you are on the road. Some of the emergency services covered under this add-on include battery jump start, fuel delivery, vehicle towing, flat tire changing, and lock-out assistance services
Rental reimbursement insurance–This add-on protects you from incurring the costs of renting a car while your insured vehicle is being repaired under an authorized garage. For this add-on to be effective, your commercial car must be under repair due to damages caused by an insured risk. This add-on also doesn’t have a deductible
Engine protection insurance–This add-on protects you from incurring the cost of replacing or repairing your commercial vehicle engine and some of its parts following their damage by water ingress or accidental leakage of lubricant oil. The crankshaft, cylinder, hydrostatic lock, and gearbox are some parts of your engine covered under this add-on
Tire protect coverage–Covers all the expenses associated with repairing or replacing your commercial vehicle’s tires. Damages covered under this policy include tire cuts, bursts, bulges, or punctures
Return to invoice coverage–If your commercial vehicle gets destroyed beyond repair or is stolen, your insurer will pay you the same amount you used to purchase your car as compensation for your loss. This add-on provides coverage to 3 to 5 years old cars only
Loss of personal belongings coverage–You can use this add-on for compensation if your items/belongings are damaged or stolen from your insured car following an accident
Some incidents where you can use commercial auto insurance are:
If you hit another vehicle
If your vehicle destroys your competitor’s or your neighbor’s property
If you are the at-fault driver who causes bodily injury to another motorist or pedestrian
If you are hit by an uninsured or an underinsured motorist
If your commercial vehicle is damaged by adverse weather conditions or natural calamities
If your vehicle gets damaged by fire, theft, and acts of vandalism
If you want your insurer to cater to you and your passenger's medical expenses
If you want to be compensated for the loss of wages after being hit by an uninsured motorist
New Mexico commercial auto insurance is $30 per month or $360 per year for a $1 million auto liability coverage. Here’s a table showing how much the best companies charge for their $1 million auto liability coverage included in commercial auto insurance:
|Cost per Month
|Cost per Year
|Best overall; Fastest commercial auto insurance
|Comparing commercial auto insurance quotes online
|Well-established and large-scale business owners who need extensive commercial auto insurance coverage
|Comparing commercial auto insurance quotes over the phone
|Business owners looking for short-term or event-based coverage
|Small business owners whose businesses are located in high-risk areas
Below are some of the factors that influence your monthly and annual NM commercial auto insurance premium rates:
Young drivers cause more accidents than older drivers, this is according to the Insurance Institute for Highway Safety. Thus older drivers pay lower premium rates than young drivers.
Coverage limits pertain to the amount of money you get from a commercial auto policy. The higher your coverage limits are, the higher your commercial auto insurance NM premium rates will be.
Deductibles are the specific amount of money a policyholder pays before their insurer of choice pays them for a reported claim. Therefore, the higher your commercial auto insurance deductibles are the lesser you will pay for your premium rates.
The type of operations or activities your business engages in directly influences your commercial auto insurance NM premium rates. Different businesses are exposed to different levels of risk. For example, construction workers are exposed to higher levels of risk than food delivery workers.
The cost of repairing your commercial vehicle, its theft rate, safety ratings, and its market value are all factors that an insurer will assess when calculating your premium rate. A policyholder with 2 vehicles will pay less premium rates than a policyholder with eight commercial vehicles. The higher the number of commercial vehicles, the higher you will pay for your premium policy.
The number of accidents you have caused and your history of violating traffic rules and laws are what insurers evaluate under your driving history. Insurance providers will evaluate your driving history for the past 3 to 5 years before calculating your premium rates for this policy. Thus, if you are found to have violated numerous traffic rules or caused many accidents, then your premium rates will probably be higher.
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Here are the best New Mexico commercial auto insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million auto liability policy:
Issues an online proof of insurance instantly
Fastest commercial auto insurance
Great customer service and reputation
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT was founded in 2016 by Guy Goldstein, Nissim Tapiro, and Alon Huri. This privately owned insurance company is 100% digitally managed and operated. NEXT specializes in providing discounted, customizable, and competitively priced insurance policies to small-scale business owners. Customers can report claims any time of the week thanks to its AI technology.
Best for: Best overall; Fastest commercial auto insurance
Average cost: $16 per month
Our rating: 10/10
Access to free quotes from longstanding insurers
Large insurance policy catalog
You can purchase your premiums monthly or annually online
Not an insurance company but an insurance broker
CoverWallet allows policyholders to benefit from peer risk comparison features and automatic risk analysis services. Apart from dealing in commercial auto insurance, this New York-based insurance company works in partnership with several long-standing insurers to provide its clientele with the following coverage: commercial property insurance, professional liability insurance, business owner's policy, workers comp insurance, umbrella insurance, and general liability insurance.
Best for: Comparing commercial auto insurance quotes online
Average cost: $19 per month
Our rating: 10/10
Provides coverage to all 50 states
Provides commercial auto insurance add-ons
Offers its policyholders several insurance discounts
Its coverage options are only available to AARP members
The Hartford is a publicly traded insurance company that was founded in 1810. Despite it not being a BBB accredited member the AM Best and BBB rates this financially stable insurance company an A+ grade. Policyholders can report and manage their claims through its mobile app. It also offers 24/7 online and phone claim reporting services to all its policyholders across the USA.
Best for: Well-established and large-scale business owners who need extensive commercial auto insurance coverage
Average cost: $22 per month
Our rating: 10/10
Has a user-friendly online platform
Matches its policyholders with coverage options that suit their needs
A partner of reputable insurance companies
You need to call to compare quotes
Tivly is an online insurance agency that has partnered with 200 insurance carriers to facilitate its customers with the acquisition of the following coverage options: general liability insurance, professional liability insurance, business owner’s policy, and workers comp insurance. The AM Best rates Tivly as an A-grade insurance agency. Call now to compare quotes over the phone.
Best for: Comparing commercial auto insurance quotes over the phone
Average cost: $24 per month
Our rating: 9/10
Provides event-based coverage
You can cancel your policy payment at any time without attracting any penalty fees
Quickly issues an estimate of your rates
Tivly manages its commercial auto insurance policies
Thimble is an online USA-based insurance company. It specializes in selling by-the-job, month, day, and hourly insurance coverage to small-scale business owners across the USA. Thimble is the only insurance company in the USA that allows its customers to purchase policies through a mobile app. Despite not underwriting commercial auto insurance, Thimble facilitates business owners with the acquisition of the following insurance policies: general liability insurance, professional liability insurance, business owner’s policy, and workers comp insurance.
Best for: Business owners looking for short-term or event-based coverage
Average cost: $26 per month
Our rating: 9/10
Small-scale business specialist
Provides global professional liability coverage
Quick to customize quotes
It's yet to provide coverage to the state of Alaska
Hiscox is a public global insurance provider that was founded in 1901. The AM best rates this Anglo-Bermuda-based insurer as an A grade. The BBB rates Hiscox as an A+ insurance company. Its policyholders can report a claim by using its mobile app, through its official mobile number, and via email. Some of the policies this international insurer underwrites include professional liability insurance, workers comp insurance, business owner's policy, cyber security insurance, and general liability insurance.
Best for: Small business owners whose businesses are located in high-risk areas
Average cost: $28 per month
Our rating: 9/10
Lonnie Bell Insuranker
Policy Type: Business Insurance
Company name: Employers Insurance
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!